Bill Moyers: The Corporate Plot That Obama and Corporate Lobbyists Don't Want You to Know About
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A US-led trade deal is currently being negotiated that could increase the price of prescription drugs, weaken financial regulations and even allow partner countries to challenge American laws. But few know its substance.
The pact, the Trans-Pacific Partnership (TPP), is deliberately shrouded in secrecy, a trade deal powerful people, including President Obama, don’t want you to know about. More than 130 members of Congress have asked the White House for greater transparency about the negotiations and were essentially told to go fly a kite. While most of us are in the dark about the contents of the deal, which Obama aims to seal by year end, corporate lobbyists are in the know about what it contains.
And some vigilant independent watchdogs are tracking the negotiations with sources they trust, including Dean Baker and Yves Smith, who join Moyers & Company this week. Both have written extensively about the TPP and tell Bill the pact actually has very little to do with free trade.
Instead, says Dean Baker, co-director of the Center for Economic and Policy Research, “This really is a deal that’s being negotiated by corporations for corporations and any benefit it provides to the bulk of the population of this country will be purely incidental.” Yves Smith, an investment banking expert who runs the Naked Capitalism blog adds: “There would be no reason to keep it so secret if it was in the interest of the public.”
The following is a transcript of the video:
Let's turn now to another big story ... TPP -- the Trans-Pacific Partnership. It’s a trade agreement the United States is negotiating with Australia, Canada, Japan and eight other countries in the Pacific region. If you don't know about the TPP, and few do, it's because the powerful people behind it -- including President Obama -- don't want you to know.
The negotiations are shrouded in secrecy, and once they are completed, Obama wants to rush the agreement through Congress -- fast-tracking, they call it -- with our elected representatives given the choice only of voting it up or down. Last year, over 130 members of Congress asked the White House for more transparency about what's being negotiated, and were essentially told to go fly a kite. You can be sure of this, however: a select group of corporate partners -- companies like General Electric, Goldman Sachs, and Pfizer, the pharmaceutical giant -- are not likely to be in the dark. Players like these stand to be the real beneficiaries of the agreement, because like other so-called "free trade" agreements, TPP actually will reward those at the top, even as it creates rules to override domestic laws on the environment, workplace safety, and investment. Corporate lobbyists already are lining up in Washington to ram the agreement through once the White House hurries it out of the delivery room. How do we know this? Because some vigilant independent watchdogs are tracking the negotiations, with sources they trust, and two are with me now.
YVES SMITH is an expert on investment banking and the founder of Aurora Advisors, a New York based management consulting firm. She runs the “Naked Capitalism” blog, a go-to site for information and insight on the business and ethics of finance.
DEAN BAKER is co-director of the progressive Center for Economic and Policy Research in Washington, DC. He's been a senior economist at the Economic Policy Institute and a consultant to Congress and the World Bank. I rarely miss his blog, “Beat the Press,” and I’m a regular reader of his column in the “Guardian” newspaper.